Item 1.01. Entry into a Material Definitive Agreement
On December 1, 2014, the Company entered into an Unsecured Grid Note, for up to $250,000 with SCO Capital PArtners LLC. As of December 3, 2014 we have drawn a total of $150,000. The interest rate is 8% per annum and the maturity date is November 30, 2015 unless a financing of at least $5,000,000 occurs, then the note is required to be paid in full on such date, or earlier upon the closing of a financing.
The foregoing description of the unsecured grid note is qualified in its entirety by reference to the available text of the unsecured grid note, a copy of which is filed as Exhibit 10.35 with this Form 8-K and incorporated herein by reference.
Item 9.01. Financial Statements and Exhibits.
10.35 Unsecured Grid Note $250,000, dated December 1, 2014 by and betwwwn the Company and SCO Capital Partners LLC.